02. Dec 2019
Bio-on examining options for future
This former bright star on the bioplastics firmament announced today it is looking into various possibilities for debt restructuring.
Since the publication of the report by the North American Quintessential Capital Management fund containing very serious allegations of fraud and market manipulation, the fortunes of PHA manufacturer Bio-on have nosedived.
The company has since been under investigation by the Italian tax police, who, in October, conducted a search of the company's offices in Emilia-Romagna, Lazio and Lombardy, seizing assets and documents belonging to the company.
Events subsequently unfolded rapidly: following the resignation of CEO Marco Astorri the company announced it was suspending all payments, including payments due to employees, suppliers and credit institutions.
In the announcement today, the Judicial Administrator Prof. Dr. Luca Mandrioli, made it clear that various options were being studied. He did not rule out the possible use of insolvency procedures as a means to preserve the continuity of the business and to realise the reorganisation of the company, whilst avoiding its dissolution.